Factory activity in China has slumped to its weakest level since the country ended its zero-Covid policy in December, as its economic recovery continues to lose steam.
Asian markets tumbled following the release of the May data, even as a tentative agreement brokered by US President Joe Biden and House Speaker Kevin McCarthy to raise the US debt ceiling cleared a key hurdle on Tuesday evening.
The official non-manufacturing PMI, which measures sentiment in services and construction sectors, decreased to 54.5 in May from April’s 56.4, also the weakest level in four months. Last week, Zhong Nanshan, a prominent Chinese epidemiologist, predicted that the current second wave of Covid infections would peak at the end of June with around 65 million people infected per week. Doctors in Beijing have told state media that the proportion of serious complications was low, as was the hospitalization rate.Zhang said external demand for Chinese goods was not supportive of economic recovery, as the United States faces the risk of recession.
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